Shree Mahaganga Sugar Mills Ltd. (SHMAHAGANSUG) - Director Report

Company director report

SHREE MAHAGANGA SUGAR MILLS LIMITED
(FORMERLY KNOWN AS ELTROL LIMITED)
ANNUAL REPORT 2010-2011
DIRECTOR'S REPORT
To The Members,
Your Directors have pleasure in presenting the Annual Report together with
the Audited Statement of Accounts for the year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS (Amount in Rupees)
Particulars Year Ended on Year Ended on
31-03-2011 31-03-2010
Income From Operations 0 0
Profit Before Depreciation & Tax (274652) (282026)
Less: Depreciation 257306 49482
Profit Before Tax (531958) (331508)
Less: Provision For Taxation 0 0
Less: Fringe Benefit Tax 0 0
Less: Deferred Tax Liability 0 0
Profit After Tax (531958) (331508)
Add: Balance brought forward
from previous year (11569447) (11237940)
Less: Prior period depreciation not charged 4761425 0
Surplus/(Deficit) carried to balance sheet (16862830) (11569447)
DIVIDEND:
Your directors do not recommend dividend is for the year 2010-2011.
OPERATIONS:
During the year under review the Company has no business operations.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND
OUTGO:
Since the Company do not own any manufacturing facility, the provisions of
section 217(1)(e) of the Companies Act,1956 read with the Companies
(Disclosure of particulars in the Report of the Board of Directors)
Rules,1988 are not applicable. During the year under review, the Company
did not have any foreign exchange earning or outgo.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and Articles
of Association of the Company, Mr. Anurag Prasad, Director retire by
rotation, at the ensuring Annual General Meeting and being eligible offer
himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
The directors confirm:
1. That in the preparation of the accounts for the year, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
2. That they selected appropriate accounting policies and applied them
consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company at the end of 31st March, 2011 and of the profit of the Company for
the year;
3. That they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act,1956 for safeguarding the asset of the company and for
preventing and detecting fraud and other irregularities; and
4. That they have prepared the accounts for the period on going concern
basis.
PARTICULARS OF EMPLOYEES:
During the year, there were no employees whose information is required to
be given as per Section 217(2A) read with the Companies (Particular of
Employees) Rules, 1975 as amended.
REPORT ON CORPORATE GOVERNANCE:
A detailed report on Corporate Governance is annexed to this Annual Report.
The Company has complied with the conditions of corporate governance as
stipulated in clause 49 of the listing agreement. The certificate obtained
from the auditors of the Company regarding compliance of conditions is
annexed to this report.
FIXED DEPOSITS:
During the year under review the Company has neither invited nor accepted
Public Deposits.
AUDITORS :
M/s Uday Pasad & Associates., Chartered Accountants, auditors of the
Company retire at the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment. The Auditor's Report is self-
explanatory
LISTING:
The Equity Shares of the Company are listed on the Bombay Stock Exchange
Limited. Listing fees has been paid to Mumbai Stock Exchange.
APPRECIATIATION:
Your directors place on record their appreciation for the continued support
received from shareholders. Your Director expresses their appreciation for
the assistance and co-operation received from the Government, RBI, local
authorities, Bank & customers.
The Board would also like to acknowledge co-operation and commitment
rendered by all the associates and employees of the company at all level.
Registered Office: By Order Of the Board of Directors
21, 4th Floor, Shree Mahaganga Sugar Mills Limited
Mohid Heights, (Formerly known as `Eltrol Limited')
Lokhandwala Road,
Andheri (West)
Mumbai - 400 053. sd/-
Sanjay Tripathi
Chairman & Managing Director
Place: Mumbai.
Date : 2nd September, 2011
MANAGEMENT DISCUSSIONS AND ANALYSIS
The Management of the Company is pleased to present this report covering
the activities of the Company during the period 2010-11.
Operation:
The financial year there have been no operations in the Company for the
year under review.
Outlook:
The long-term outlook for the business of the Company looks positive and
ever growing.
Opportunities:
Due to globalization and entry of various Multi National Companies (MNCs)
into India for closer Business operations, our Company requires to do more
struggle to keep it standing.
Risk Management:
The Industry in which the Company operates is highly competitive since
there are no entry barriers. The Company does not perceive any risks or
concerns other then those comes to industry such as regulatory risks,
exchange risks, and other commercial and business related risks.
Internal Control Systems and their adequacy:
The company has adequate systems of internal control covering all financial
and operational activities. The internal control are designed to provide
reasonable assurance with regard to maintaining proper accounting controls,
protecting assets form unauthorized losses and ensuring reliability of
financial and operational information and proper compliance with
regulations.
Human Resources Management:
The Company has harmonious employee relations and there is close
interaction between the management and employees to facilitate smooth
functioning of our organizational activity. The Company facilitates
consistent improvement in performance, productivity and effectiveness by
setting targets through an interactive process and continuous and regular
staff training programmes. Human resources are being recognized as one of
the critical area to the success of our organization.